You mean the rear suspension swingarm? When I checked mine at 2600 miles, I found that the swingarm's sleeve (inner race) was practically seized in the needle bearings, and wearing in on the mount bolt and within the frame already. No rust or lack of grease, just too tight to allow normal operation. The sleeve is supposed to stay put with the mount bolt in the frame, with the needle bearings rotating around it along with the swingarm. Needle bearings are held in place with polyethylene assembly compound which is taking up most of the available space for proper grease, but I'd have to remove the seals and ball bearing to pull it all out.
I smoothed down the sleeve with wet 1500 grit silicon-carbide waterproof sandpaper to remove the needle bearings' marks where they sat, then polishing compound, cleaned and re-packed with synthetic grease (NLGI #2). The sleeve fits a bit loosely within the frame which has to be torqued down on it with the long mount bolt, so I secured it back at 90+ ft-lbs instead of 80. It's rotating nice and smoothly now, and I don't get that strange feedback in sharps bumps like I used to.
I checked, cleaned and re-greased it before taking it out again this year at 7700 miles, and it looks great. Needle bearings are rotating freely in their polyethylene 'cage'.
There is also a sealed ball bearing in the right side. Some other forum member mentioned having to replace it once, along with the seal.
Anyone who's taken off their swingarm ... - Kawasaki Versys Forum
You can also check your shock mounts.